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A research study on awareness of fin-tech among

millennial
Singh Ravins Rajkumar1, Popat Ronak2, Vipul Jha3, Dhruv Dilip4
1,2,3,4
Students,Parul Institute of Business Administration, Parul University, Baroda
Email: singhravins2002@gmail.com1, ronak.popat2016@gmail.com2,
vipuljha125@gmail.com3, dhruvdv99@gmail.com4

ABSTRACT
Millennial as one of the largest generations is soon going to enter their prime years, they will become a
big part of the future world, both as the consumer and as workers. Millennial have held an important role
as they will become a huge part that play an important role in shaping and building business and
industries. The millennial are often attributed to “technology savvy generation”, they are very familiar
with the use of technology. The Millennial have specific traits which are called 3C’s, which are Creative,
Connected and Confidence. So aim of this paper is to identify the main factor which is highly affecting to
the Fin-Tech awareness among the millennial.
Keywords: Fin-Tech Awareness, Millennial, Financial Market.

1. INTRODUCTION
1.1 FINANCIAL SYSTEM
A financial system is a system that allows the exchange of fund between lenders, investors, and
borrowers. Financial systems operate at national and global levels. They consist if complex, closely
related services, markets, and institutions intended to provide an efficient and regular linkage between
investors and depositors. Money, credit and finance are used as medium if exchange in financial systems.
1.2 THE COMPONENTS OF A FINANCIAL SYSTEM
1.2.1. Financial institutions:
Financial institutions provide financial services for members and clients. It is also termed as financial
intermediaries because they act as middlemen between the savers and borrowers.
Banks:
Banks are financial intermediaries that lend money to borrowers to generate revenue and accept deposits.
They are typically regulated heavily, as they provide market stability and consumer protection. Banks
include:
 Public banks
 Commercial banks
 Central banks
 Cooperative banks
 State-managed cooperative banks
 State-managed land development banks
Non-bank financial institutions:
Non-bank financial institutions facilitate financial services like investment, risk pooling, and market
brokering. They generally do not have full banking licenses. Non-bank financial institutions include:
 Finance and loan companies
 Insurance companies
 Mutual funds
 Commodity traders
1.2.2. Financial markets

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Financial markets are markets in which securities, commodities, and fungible items are traded at prices
representing supply and demand. The term "market" typically means the institution of aggregate
exchanges of possible buyers and sellers of such items.
Primary markets
The primary market (or initial market) generally refers to new issues of stocks, bonds, or other financial
instruments. The primary market is divided in two segment, the money market and the capital market.
Secondary markets
The secondary market refers to transactions in financial instruments that were previously issued.
1.2.3. Financial instruments
Financial instruments are tradable financial assets of any kind. They include money, evidence of
ownership interest in an entity, and contracts.
Cash instruments
A cash instrument's value is determined directly by markets. They may include securities, loans,
and deposits.
Derivative instruments
A derivative instrument is a contract that derives its value from one or more underlying entities (including
an asset, index, or interest rate)
1.2.4. Financial services
Financial services are offered by a large number of businesses that encompass the finance industry. These
include credit unions, banks, credit card companies, stock brokerages, and investment funds.
FINTECH
Fin-tech stands for Financial Technology which refers to companies whose business financial services are
mostly based on the technology platform to innovate products and perform financial services more
efficiently. In other words, Fin-tech is an emerging type of financial services in the 21st century that some
start-up companies are trying to change the form of the traditional transaction into new, modern and more
effective methods by applying high-tech devices in financial sectors such as mobile payments, money
transfers, loans, fundraising and even asset management. Some examples of technology being applied to
the financial transactions are peer-to-peer payment technology, peer-to-peer lending, mobile banking,
digital wallets and Blockchain, which aim to bring further benefits and high efficiency for the financial
transactions as well as help to reduce costs for customers. (Investopedia)
FinTech from the 1950s to the Present
Fintech is a very broad sector with a long history. Most people hear FinTech and think about the latest
mobile app which can help them pay for their morning coffee without ever swiping a card or touching
currency. But technology has always played a key role in the financial sector in ways that most people
take for granted and might not ever see. In examining the timeline of FinTech developments, the last 65
years paint a picture of continued innovation and evolution.
The 1950s brought us credit cards to ease the burden of carrying cash. The 1960s brought ATMs to
replace tellers and branches. In the 1970s, electronic stock trading began on exchange trading floors. The
1980s saw the rise of bank mainframe computers and more sophisticated data and record-keeping
systems. In the 1990s, the Internet and e-commerce business models flourished. The result was the
introduction of online stock brokerage websites aimed at retail investors, replacing the phone-driven retail
stock brokering model.
These five decades of developments have created a financial technology infrastructure which most people
never think about, but use almost every day. It’s also important to note that throughout that 50 year
period, FinTech developments were also creating more sophisticated risk management, trade processing,
treasury management and data analysis tools at the institutional level for banks and financial services
firms. While these systems are not apparent to retail banking customers, they make up a multibillion
industry aimed at supporting the needs of the financial services sector. Bloomberg , Thomson Reuters,
SunGard and Misys are just a few of the players that make up the existing set of large FinTech companies
that have built this institutional infrastructure.
What is striking about the last 65 years of development in these technologies is that while they became
mainstream and widely used by banks and their customers, the banking sector was not threatened. On the

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contrary, banks grew. In looking at the U.S.’s FDIC data, from 1950 to 2014, the number of bank
branches in the country grew from approximately 18,000 to over 82,000.
In order to use mobile payments, consumers need to link their mobile payments account to their credit
card or debit card (Anderson, 2015). Both commercial companies and financial institutions have made
efforts to increase mobile payment use, based on the high rate of mobile phone use. Lusardi (2018)
suggested that the adoption of mobile payments will provide opportunities for development of Fintech
solutions that could help mobile payment users make better decisions.
Fintech Services Today
Now, in the early part of the 21st century, retail financial services are being further digitized via mobile
wallets, payment apps, robo-advisors for wealth and retirement planning, equity crowdfunding platforms
for access to private and alternative investment opportunities and online lending platforms. These
FinTech services are not simple enhancements to banking services, but rather replacing banking services
completely. So, FinTech can be thought of in two broad categories, consumer-facing and institutional. It
is these consumer-facing FinTech services which are quickly gaining customers and competing with
banks.
In the last couple of years, many FinTech sector commentators and watchers have pointed to the coming
demise of banks. Several have questioned whether banks will exist in the future. As the data shows, retail
banking has flourished up until now. But this most recent evolution in FinTech may change the banking
landscape in some markets.
Types of Fintech companies
According to Accenture, financial technology companies can be classified into two major categories that
are Competitive Fintech Ventures and Collaborative Fintech Ventures. In the latest report in 2016,
Accenture explains that the Competitive Fintech Companies are those who will cause direct obstacles as
well as create challenges for the financial services organizations. These companies have achieved a lot of
success over the years by focusing mainly on providing new experiences and benefits to their customers
through technology products instead of targeting at high profits.
Accenture also does not forget to emphasize the importance of Collaborative Fintech Companies in
driving the evolution of the financial institutions. In fact, the Collaborative Fintech Ventures consider the
existing financial institutions as their potential customers. Therefore, they always try to cooperate,
support, and provide solutions to improve the position and the interests of these financial institutions in
the market. To illustrate, the Collaborative Fintech Firms help the financial institutions to innovate their
products and services as well as break their traditional business model to bring a new and more
sustainable development in the future. Besides that, they also help financial institutions optimize their
existing enterprise, minimize costs and simplify procedures as well as everyday financial services through
the innovation and the application of the high-tech products. (Accenture 2016.)
International and National scenario
Evolution of FinTechs at global level and the digital payment system followed in some of the countries
such as Sweden, South Korea, Mexico and Kenya, representing international scenario. Further the section
discusses reviews at national level covering evolution of FinTech Companies and their growth in India,
evolution of digital cash, to understand the FinTech landscape in India. It also covers the recent
developments that have taken place in India in the context of digitisation.
FinTech in India is just a beginner in this industry. In 2016 alone more than 40 companies in different
business model has sprung up. There still a long way ahead to reach the position of big giants such as
Lending Club or Prosper (Jain, 2016). FinTech Companies have already established a good ground in the
financial sectors of US and Europe. UK has been dominating the global financial industry over 200 years.
UK is well positioned to become financial hub for FinTech business. UK sees itself as a future world
leader in FinTech. There was 135000 work conducted UK wide in financial services technology.
Analysing data of FDI projects done globally in last 5 years, 25% were in Europe and half of which were
in London (UK Government Chief Executive Advisor, 2015). The world’s first market place lending IPO
Lending Club is in London. It has set standard for peer to peer lending. Crowd bank one of the FinTech
claims that when banks take nearly 6 weeks to grant a loan, they will give it quicker at lower cost to
investors and borrowers. Nickle has an app which digitizes savings groups. Government policies are
really favourable for the company. High net worth and tech savvy consumers are advantages of Nickle.

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These FinTech companies feel that they are accepted as an alternative finance and their vision is to
establish themselves as a service industry. (Vasava, 2015). Sydney is with highly skilled financial service
people. During August 2015 a financial hub has been opened in Sydney. Stone & Chalk is a FinTech
company and a pool. In the national scenario, India is positioned as third chief start-up hub. There are
nearly 10000 start-ups in the country out of which 4300 are technology based start-ups. All the sections of
market are attacked by these start-ups. “The local grocer along with the plumber and food delivery boy
has now become tech savvy”. (Gupta et al., 2016) The investment in FinTech has increased from USD
247 million to USD 1.5 billion from 2014 to 2015. Even though India has a very few angel investors, an
increase in the interest level can be seen in investors comparing to 2014 (KPMG, 2015).
Getting to a baseline understanding of FinTech adoption
There has been an explosion in the number of new technology-led entrants in financial services in the last
few years, broadly operating under the term FinTechs. In this article we define FinTechs as firms that are
combining innovative business models and technology to enable, enhance and disrupt financial services.
Last year $12 billion of private capital was invested into FinTechs, helping thousands of new companies
form, win customers and scale up their operations. The most promising FinTech companies have a laser-
like specific customer proposition generally one that is poorly served, if at all, by traditional financial
services companies and serve up a seamless and intuitive user experience.

2. LITERATURE REVIEW
Dr. Charmi shah (Shah, Jain, Ahmed P., Khandelwal, & Misra, 2019) studied Fintech and
Adoption Model: A User Perspective. They collected primary data from 200 responses through structured
questionnaire. The data analysis is done through SPSS by using regression test. From that they found that
maximum people are more satisfied with the payments rather than financial planning and lending and
borrowing. They showed that youngsters are tech friendly and using more FinTech services while
FinTech planning services ae used by middle age people to some extent. Their research says that most of
the youngster are using the technology so company should provide more payment and financial planning
options. Their research illustrated aware, accept and adaptation of Fintech through three financial
segments that are financial planning, payments, lending and borrowing business etc. The intention to
identify which user groups for the most popular user is been revealed by providing us information that
millennial or young users has the higher adoption rate compared to other age group. The idea of
innovation with technology has taken dominant role in the Indian FinTech ecosystem, and it is been that
widely accepted in upcoming years. Expertise Collaboration is the requirement of the day for start-ups
and corporates, and investors as technological modification makes its way through the economy, there is
extension of collaboration between start-ups and companies, as well as repeated efforts from banks and
other financial intermediaries to increase user satisfaction. The analysis of research helped in
understanding different user perception with particular financial segment. The implication derived from
understanding the behaviour will further help in modifying the financial services which suits best for
users obviously because user approach towards FinTech services is key important determinant while
discussing its feasibility in the current scenario. While millennial preferred payment services whereas
financial planning was done by professionals and retired persons. Lending and borrowing had increased
use with the small and medium scale organizations. Ultimately, FinTech is created to leverage data and
technology to deliver a user friendly experience for all parties. The satisfaction variable measured in
payment segment has higher relationship thus giving higher satisfaction rate. The efficiency of mobile
devices and advancement of artificial intelligence have developed into Finance which creates a new
market place for growth and opportunity for FinTech. It also helps in reducing long-standing business
problems, meets under banked people and countries for financial inclusion, and acceptability,
personalization, and transparency. The limitation of the study is the sample size of the research and
location determinant. The sample size can be extended although it was aimed to get maximum number of
responses from FinTech users only to understand their response. The location is limited to Bangalore
because of time constraints but with further time and resource the research will be conducted with
including users of other metropolitan cities. Future resources and conditions allow more expertise
analysis is expected by increasing number of sample size and location involved in the research. The future

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research will be more be advanced involving the involvement of more expertise analysis to derive
efficient relationship between other key variables.
Ms. Smrity Baiju (Baiju & Kumari, 2017) studied about FinTech Revolution: A step towards
digitisation of Payments - Review of Existing Literature. Their study focused on major FinTech
companies in the country. They studied that digitalization is using digital technology as a part of everyday
life. Digitalization is different from digitization which means “the action or process of digitizing; the
conversion of analogue data into digital form.” Digitalization includes digitization and digitization is the
first and foremost step to digitalization. The word “digital cash “has been introduced long back but it
didn’t gain much attention as E-Commerce has received Indian policies are changing to adapt to the new
digital world. India is open to innovation and is expecting a large investment in Indian E-commerce
industry. Asia’s population will turn towards digital payments and by 2020 half of the population will be
online customers against the one-third today There is a FinTech moment that is going on in India and if
India can capitalize it, there is a huge opportunity for the country as FinTechs can play a major role in
digitization Even though Cash is considered as king there are countries which moved ahead to adapt
digital cash. There are countries like Belgium, Canada, etc. where 90% of the consumers make their
payments using cashless means while US, Australia etc. 80% transactions are made through digital mode.
(worldatlas, 2016) mobile payment service called swish. With the growth of e-commerce payment
becoming increasingly electronic and number of card transactions and value of card transaction increased
on a daily basis.
FinTech companies can help India to move towards “Digital India” by using e-wallet, Vodafone
e-pesa etc. The burden of cash can be reduced as RBI nearly bears a cost of $3.5 billion annually for
operations. Only 6% of merchant accepts digital payment while 10% of Indian consumers use debit card.
With Pradhan Mantri Jan-Dhan Yojana 200 million bank accounts have been opened last year. More than
a million phone connections have been taken still the use of digital payments were less.
Bin Li (Li, Hanna, & Kim, 2018) studied Who Uses Mobile Payments: Fintech Potential in Users and
Non-Users. They collected the data from the 2015 National Financial Capability Study to analyze the
adoption of mobile payments by U.S. households. The main purpose of their study was to identify factors
related to mobile payment use. They studied the Demographics factors related to the mobile payment
adoption. They discussed on two relevant theories: 1) Diffusion of Innovation Theory 2) Technology
acceptance model. As per their literature, diffusion of innovation theory claims that people adopt an
innovation at different times (e.g., early stage, late stage) because of their different personality traits. But
there is little agreement on what personality traits affect an adoption. While there have been many studies
of the adoption of mobile payments, these studies have provided limited evidence on the effects of
household characteristics on mobile payment use. A number of researchers have concluded that age is
very important to the adoption of technology (Akman& Mishra, 2010; Arning&Ziefle, 2007; Federal
Reserve Board, 2016; Garrett et al., 2014; Liébana-Cabanillas et al., 2014; Phang, Sutanto, Kankanhalli,
Li, Tan, &Teo, 2006; Porter &Donthu, 2006). Young generations are more likely to adopt a mobile
lifestyle, in which they have a high frequency use of mobile phones for socializing, conducting
transactions, etc. (Shankar, Venkatesh, Hofacker, and Naik, 2010). Older generations are less exposed to
mobile payments and tend to have a lower likelihood of using mobile payments. It is possible that older
generations tend to have anxiety-provoking situation when they try to learn use mobile payments, which
people tend to avoid due to the lower perceived ease of use.
Rory Van Loo (Loo, 2018) studied on Making Innovation More Competitive: The Case of
Fintech. In his research he found that Fintech could in theory pose a threat to traditional banks. Almost
three- quarters of millennials say they would prefer to receive their financial services from technology
companies such as Google and Amazon, rather than big banks. Individual users, including small
businesses, increasingly find dealing with big banks to be time-consuming and frustrating compared to
the ease of tailored startup apps.
Realizing the full benefits of innovation would mean preventing anticompetitive mergers,
cracking down on exclusionary conduct, and extending appropriate licensing.
All branches of government have a role to play in competition regulation. Legislatures would ideally
update outdated statutes, but they lack expertise and the ability to act quickly as markets develop. Courts
provide important checks,141 but are less equipped to develop market-wide solutions or take preventative

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steps. Agency should play a lead role in not only enforcing existing laws but also developing and
advocating new competition policies.
Svetlana Saksonova (Saksonova & Kuzmina-Merlino, 2017) studied on Fintech as Financial
Innovation – The Possibilities and Problems of Implementation. In their research they identified financial
services using innovative technologies offered by FinTech companies, analysed the advantages and
disadvantages of those services in comparison with services offered by the traditional financial sector
companies (banks, insurance companies, institutions involved in asset management and investment, etc.),
and evaluated how prepared are consumers to use FinTech services. Their research documents the results
of the survey aiming to clarify how well-informed consumers in Latvia are about FinTech services, their
convenience, speed and safety, as well as the consumers' current satisfaction with banking services.
Yonghee Kim (Kim, Choi, Park, & Yeon, 2016) studied on The Adoption of Mobile Payment Services
for “Fintech”. They concluded that the relationship between the central and peripheral paths in the
acceptance of new technology and service and found that central path had a relatively higher impact
compared to the peripheral path. In order to invigorate payment-type Fintech services, convenience and
usability should be continuously improved. This calls for the deregulation of diverse sectors, including
financial services, communication, e-payment and e-banking.
This study presented a new approach to the acceptance of Fintech services using the existing
ELM model and, to ascertain extent, proposed practical suggestions. But the samples of the survey were
limited to Seoul, the capital area, and certain age groups were predominantly represented, giving way to
regional and age biases. Therefore, follow-up studies should analyse the impact on the acceptance of
groups classified into more specific age groups, income and device through a multi-group model.
Moreover, it would be meaningful to include ‘service familiarity’ in the questionnaire, based on which
differences in the degree of acceptance can be analyzed.
Mats Lewan (Lewan) studied on The Internet as an enabler of FinTech. In order to gather
information for this chapter they conducted interviews with a group of people. The interviewees agreed
that the Internet, and in particular the mobile Internet, was an important enabler for the emergence of
FinTech. Specifically, the wide use of mobile banking and mobile apps such as Facebook were
considered to be necessary precursors to FinTech services. However, the interviewees also pointed out
that the main driving force behind FinTech ventures was the ambition to increase efficiency and solve
problems in the existing banking and financial markets. Study states that smartphones and mobile Internet
clearly make it easy to distribute a service and reach customers. Providing high-quality advice at a
significantly lower cost than with traditional personal advisers, and in that way potentially increasing the
overall return on investments. The Internet infrastructure has been good enough for a long time, but what
was missing was a way to identify people remotely.
They also mentioned several other important enablers for the FinTech industry, such as a good
collaboration between existing banks and an interest among them for increased efficiency.
The widespread electronic identification system BankID was considered to be important for
FinTech, but it was also criticized for lacking security and for being owned and controlled by the major
banks, and thus potentially used by the incumbent banks to hinder new competition. This was also
discussed by a representative from BankID.
On the other hand, some of the interviewees expected major banks, particularly in the Nordics,
to run into severe challenges in the upcoming years, not being prepared for this. Also, the Nordic FinTech
industry was criticized and described as not so competitive as many seem to believe Finally, some of the
interviewees mentioned blockchain technology as a possible enabler for a next generation of truly global
FinTech companies, presenting a significant challenge to the traditional financial industry
Network effect a phenomenon whereby a product or service gains additional value as more
people use it.
Rainer Alt (Alt, Beck, & T. Smits, 2018) studied on FinTech and the transformation of the financial
industry. "FinTech" is a rather simple and obvious combination of an application domain ("financial")
and "technology". The financial sector has grown over the last centuries with the first bank being
established in 1472. Financial companies are often referred to as service providers since they support
firms in a primary market to conduct their business and interact among each other. Technologies - the
second element of the FinTech term - have become key in handling financial processes. Transferring

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documents and values across distances was only feasible via physical modes of transportation, markets
were primarily limited to a regional scope. This changed with innovations in information and
communication technology. Starting with the inception of digital information and communication
technologies, the era of digital financial technologies – referred to as "e-Finance". A statement from a
report from 2013 on the support of business processes with IT may support this: "Across Europe, retail
banks have digitized only 20 to 40 percent of their processes; 90 percent of European banks invest less
than 0.5 percent of their total spending on digital" It seems that high IT investments were not similar to
driving the digital transformation of business processes and business models. Between 1980 and 2009, the
number of institutions diminished from 37,090 to 15,801 in the US and from 3006 to 1774 in Germany
(OECD2018).
In contrast, the work force grew from 2,019,341(1990) to 2,302,628 in the US and from 495,700
(1980) to 633,550 in Germany (OECD 2018). Globally, the banking sector spends an average of 4.7
percent to 9.4 percent of operating income on IT, while other sectors spend less: insurance companies and
airlines. To characterize the level of IT-induced change, for the sake of simplicity, the three intra-
organizational levels shall be combined, which leads to three levels. At the internal organization level,
FinTech comprises a change in business focus from internal business processes into adopting a customer-
centric perspective. This comes with a growing number of digitalized (automated) processes (Ehrenfeld
2017), which are less integrated in core banking systems, but are often developed in house following agile
methodologies with defined API interfaces.At the business network level, businesses in the FinTech era
are more networked with specialized external partners Due to reduced switching costs among FinTech
providers, customer retention also tends to be lower. At the external organization level, regulation
changes from lower equity requirements, less supervision, and high protection n from national legislation.
As the analysis from Deloitte (2016) suggests, RegTech start-ups not only focus on compliance, but also
on identity management, risk management, regulatory reporting and transaction monitoring. FinTech
businesses are more IT companies than financial providers were before. However, even for FinTech
companies IT supports a business purpose and they also have to meet the classical and recurring
challenge in IT organizations known as "misalignment between business and IT" Peter J. Morgan
(Morgan & Trinh, 2019) studied on Financial literacy, the literature on financial literacy focuses on two
main areas: (i) the determinants of financial literacy, including age, gender, level of education and
occupation; and (ii) the effects of financial knowledge on various aspects of financial behavior, including
saving, use of credit, preparation for retirement and awareness and adoption of various financial services.
There is already a long history of efforts to develop quantifiable measures of financial literacy based on
surveys that can be subjected to empirical testing. One of the earliest examples was that of the Jump$tart
Coalition for Personal Financial Literacy program for high school and college students in the United
States in 1997, described in Mandell (2009). Lusardi and Mitchell (2006) added a set of financial literacy
questions to the 2004 Health and Retirement Study (HRS), a survey of US households ages 50 and older,
which have served as models for later surveys. The three core questions in the original survey were
designed to assess understanding of some key financial concepts: compound interest, real rates of return,
and risk diversification. Later surveys, including the OECD/INFE survey, have built on this base, but also
added questions about financial attitudes, financial behavior and financial experience.
Keke Gai (Gai, Qiu, & sun, 2018) studied on A survey on FinTech. At the first dimension, we
consider all operations on data for the purpose of financial services the data-oriented issues in FinTech,
such as data analytics, data mining, and data deduplications. The research at this dimension is generally
relevant with intelligent data usage or deep learning, which relies on utilizing data for value creations. In
addition, the dimension of facility and equipment mainly refers to the infrastructure of financial service
offerings as well as the corresponding systems. For example, many FSIs are adopting P2P business model
over the networks, such that the configurations and establishments of entire system is a fundamental
requirement for offering financial services. Next, a wide adoption of financial applications has been
playing a dramatically important role in the contemporary financial industry. A variety of data-oriented
applications have become supportive tools for improving financial services, such as SAS, Wealth front,
and Xerox. Moreover, the deployments of the service model in FinTech are considered a wide scope of
the research. The innovative service models are aligned with the enhancement of computing
performances and network adoptions, such as smart city and cloud computing. Finally, one dimension

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penetrating all other dimensions is the issue of the security and privacy in FinTech. The challenges of
security and privacy are restricting the adoptions of FinTech approaches and the corresponding solutions
are required for ensuring the deliveries of other technical dimensions. In this paper, we aim to review
recent achievements from these dimensions.
This paper completed a survey on five key technical aspects of FinTech for understanding
contemporary development of the discipline and guiding future researches. Five technical aspects
included data oriented techniques, facility and equipment development, application designs, service
models placement, and security and privacy protections. We proposed the Data-Driven FinTech
Framework (DF2) to facilitate and standardize future FinTech researches and technical deployments.
Finally, we suggested a few research directions of FinTech deriving from our main findings.
Peter GOMBER (GOMBER, J. KAUFFMAN, PARKER, & W. WEBER, 2018) studied on On
the Fintech revolution: Interpreting the forces of innovation, disruption and transformation in financial
services. They discussed: (1) operations management in financial services, and the changes that are
occurring there; (2) technology innovations that have begun to leverage the execution and stakeholder
value associated with payments settlement, cryptocurrencies, blockchain technologies, and cross-border
payment services; (3) multiple FinTech innovations that have impacted lending and deposit services,
peer-to-peer (P2P) lending and the use of social media; (4) issues with respect to investments, financial
markets, trading, risk management, robo-advisory and related services that are influenced by blockchain
and FinTech innovations. The take-aways that we have to offer the reader consist of several main points
related to how the FinTech sector will develop over time, and what IS researchers can do in order to
contribute new knowledge in this vibrant area of technology innovation, process disruption, and services
transformation. They are:
(1) It will be difficult for larger incumbent firms to match small entrepreneurial start-up firms at
producing value-creating FinTech applications with high innovation, without major spending to acquire
knowledgeable human capital that is in such short supply in the marketplace.17 As a result, it will be
appropriate for larger firms to outsource the applications, instead of trying to create them in-house.
(2) The FinTech sector is likely to experience significant adjustment and evolution as time
passes and it matures into a typical industry sector, as opposed to one of the newest among them, and
probably sooner than many observers may expect.18
(3) The opportunities for developing a new research agenda for IS research in the FinTech
application areas that we have reported on in this article have strong potential for creating high-value
academic knowledge. The new research agenda also can deliver important and useful insights to
practitioners and managers, as well as meaningful new observations and ideas that can aid regulators in
doing better to oversee the new developments in a way that will maximize their positive potential to
support economic growth, new jobs for the high-tech Workforce, and improved profitability around more
customer-centric and value-bearing services.

3. RESEARCH METHODOLOGY
In this paper Researcher used descriptive research design for identification of the various factors
related to the Fin-Tech and use of the Fin-tech among the new users and how its beneficial to the new
uses by using secondary research from the various sources
MAJOR OUTCOMES FROM THE REVIEW OF LITERATURE
Title Year Objectives Sample Outcom
Size es
Fintech and Dec,2019 To identify the 200 The research reveals maximum
Adoption satisfaction of Questionnai people are more satisfied with the
Model: A User FinTech users by re payments rather than financial
Perspective considering safety, planning and lending and
expectation and borrowing. The present study
perception behind shows that youngsters are tech
adapting. friendly and using more FinTech
services while FinTech planning
services as used by middle age

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International Journal on Integrated Education
p-ISSN : 2615 3785

people to some extent.

The Internet as 2017 To know the Group of 10 The interviewees agreed that the
an enabler of importance of people Internet, and in particular the
FinTech Internet as enabler interviewed mobile Internet, was an important
for the emergence enabler for the emergence of
of FinTech. FinTech.
Who Uses 2018 To identify factors 27,564 Age was negatively related to
Mobile related to mobile adult mobile payment use. The result is
Payments: payment use respondents consistent with many previous
Fintech across all studies on technology acceptance.
Potential in 50 states Males were more likely than
Users and Non- and the females to use mobile payments,
Users District of and this result is consistent with
Columbia previous research.
Fintech as 2017 To evaluate 378 people This paper provided an overview of
Financial fintech’s level of from the the trends in the development of
Innovation – development in industries the FinTech industry. The
The Possibilities Latvia compared have development of FinTech was due
and Problems of to Europe. responded to globalization giving a chance to
Implementation to the small but sophisticated enterprises
survey, to develop financial services
which is without the help of banks, by
still on combining finance with IT, and
going. offering consumers faster
execution of typical banking
processes.
The Adoption of 2016 To identify the samples of This study examined the
Mobile Payment factors that the survey relationship between the central
Services for compels users of were and peripheral paths in the
“Fintech” “K Pay” to accept limited to acceptance of new technology and
Fintech services. Seoul, the service. It found the central path
capital area, had a relatively higher impact
and certain compared to the peripheral path. In
age groups order to invigorate payment-type
were Fintech services, convenience and
predominan usability should be continuously
tly improved.
represented,
giving way
to regional
and age
biases.
Based on the above literature review we identified following objectives:
 To identify the satisfaction level of Fin-Tech users by considering various factors.
 To identify factors related to mobile payment use.
 To know the importance of Internet as enabler for the emergence of Fin-Tech.
Further Research
After concluding the topic based on the Objective researcher will use the questionnaire for
primary data collection for the further research.

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p-ISSN : 2615 3785

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